Table of Contents
- Introduction
- The Problem at Hand
- Markaaz: A Visionary Solution
- The Team Behind the Innovation
- Looking Ahead: The Future of Markaaz
- Conclusion
- Frequently Asked Questions (FAQ)
Introduction
Imagine a world where verifying and onboarding businesses, especially the smaller ones often hidden in the nooks and crannies of the business landscape, is as straightforward as verifying an individual's identity. This is no longer a figment of the imagination, thanks to the innovative strides taken by Markaaz. With the creation of a global business identity platform, Markaaz aims to redefine how businesses access necessary services to thrive. This breakthrough is particularly significant in a world where small and medium-sized enterprises (SMEs) frequently face hurdles in proving their viability and creditworthiness. In this blog post, we'll delve into how Markaaz's platform is setting a new standard for business verification and the myriad ways it could benefit businesses and financial institutions alike.
The Problem at Hand
For too long, a significant challenge has loomed over the business sector, particularly affecting SMEs — the difficulty of efficiently verifying businesses for banks, FinTechs, and other enterprises. The root of this issue lies in the scattered and often outdated data across numerous databases. SMEs, forming the backbone of the global economy, find themselves spending an exorbitant amount of time and resources responding to data requests from potential partners and financial institutions. This not only hampers their operational efficiency but also places them at a disadvantage in securing financial services, with around 30% facing rejections due to verification failures.
Markaaz: A Visionary Solution
Founded on the vision of Hany Fam, who conceptualized the idea during his tenure at Mastercard, Markaaz introduces a solution to this decades-old problem. The platform heralds a shift in how business information is aggregated, verified, and utilized, boasting a directory encompassing over 300 million businesses worldwide. This comprehensive archive is not just a static repository. Instead, it's a dynamic, real-time system powered by data from 65,000 global sources, maintained with a proprietary matching algorithm and rigorous data stewardship.
The Directory: A Foundation of Innovation
At its core, Markaaz's directory serves multiple purposes. For businesses, it offers a chance to control how they are perceived in the marketplace, while for banks, FinTechs, and other institutions, it provides a reliable source to identify, verify, onboard, and monitor businesses. The real-time accessibility of this data through various means, including APIs, is revolutionary, enabling financial decisions to be made with a degree of precision previously deemed unattainable.
Beyond Credit Scores: A New Era of Business Evaluation
Markaaz's approach goes far beyond traditional credit scores, which often fail to capture the complete picture of a business's health. Instead, the platform introduces a proprietary business health score, incorporating a variety of data points and metrics. This nuanced evaluation tool reflects a more accurate assessment of a business's potential for growth, viability, and creditworthiness. It's a leap towards contextual and real-time scoring, providing a detailed snapshot of a business's standing at any given moment.
The Team Behind the Innovation
The strength of Markaaz doesn't just lie in its technology but also in the team and advisors steering its mission. With a collective resume that reads like a who's who of the business and financial sectors, the expertise behind Markaaz is formidable. This seasoned team's understanding of the nuances of business operations and financial services infuses the platform with unprecedented credibility and insight.
Looking Ahead: The Future of Markaaz
As Markaaz continues to gain momentum, its roadmap hints at even more ambitious developments. Apart from refining its directory and scoring system, plans for integrating payment solutions and establishing a trust bureau for business data are underway. Perhaps most exciting is the potential to revolutionize financing and factoring options for SMEs, promising more accessible and tailored financial support.
Conclusion
In an era where data is king, Markaaz's global business identity platform represents a pivotal shift in how business information is gathered, analyzed, and employed. Its impact extends beyond simplifying verification processes — it's poised to unlock new opportunities for growth, profitability, and inclusion for businesses worldwide. As we watch Markaaz's journey unfold, one thing is clear: the landscape of business verification and financial services is on the brink of a transformation, with far-reaching implications for businesses and financial institutions across the globe.
Frequently Asked Questions (FAQ)
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What makes Markaaz different from other business directories?
- Markaaz distinguishes itself through its comprehensive, real-time global business directory, its proprietary scoring system that goes beyond traditional credit scores, and its focus on facilitating better connections between businesses and financial institutions.
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How can small businesses benefit from Markaaz?
- Small businesses can gain better control over how they are perceived in the financial market, improve their chances of getting verified for financial services, and potentially access more personalized financing options.
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What future features are planned for Markaaz?
- Markaaz plans to introduce payment integrations, establish a trust bureau for business data, and explore new financing and factoring options for small businesses, aiming for a more inclusive and supportive financial ecosystem.
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How does Markaaz ensure the accuracy of its business directory?
- The platform employs a proprietary matching algorithm and data stewardship practices, pulling from 65,000 global data sources to ensure that every business identity is accurate and up-to-date.
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Can Markaaz help businesses that don't have a credit score?
- Yes, by offering a more nuanced health score based on a variety of data points, Markaaz can provide a clearer picture of a business's health and viability, beyond what a traditional credit score can offer.
